Salary sacrifice

Discussion in 'Accounting & Tax' started by Bean27, 12th Jun, 2019.

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  1. Bean27

    Bean27 Well-Known Member

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    Hi all, I do salary sacrafice on my current job up to 9600ish for mortage payments and 2200ish for meals and entertainment. Basically 11800ish of tax free money. I am starting a second job which will be 25 hours a week at maximum and they also offer it. Any tax issues on applying it to both jobs?
     
    Bean27, 12th Jun, 2019
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  2. serendip

    serendip Well-Known Member

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    I have claimed 2 lots in one year (twice) with no tax issues. Centrelink, if that's of concern, does some weird calculations where they double the salary sacrifice amount & add it back on to give the 'taxable income'. I have no idea how this makes sense but that seems to be what they do
     
    serendip, 12th Jun, 2019
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    thats a question I personally would flick to my tax adviser

    ta
    rolf
     
    Rolf Latham, 12th Jun, 2019
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  4. Bean27

    Bean27 Well-Known Member

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    I dont have one thats the issue. Hopefully ok just no tax return
     
    Bean27, 12th Jun, 2019
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Im sure Devonport has plenty of tax peops that are cost effective

    relying on a forum for tax and related advice and implementing that without a cross check may not be a good outcome long term

    ta

    rolf
     
    Rolf Latham, 12th Jun, 2019
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  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    No. However some lenders dont understand the issues well.
     
    Paul@PAS, 12th Jun, 2019
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  7. Bean27

    Bean27 Well-Known Member

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    Fair call, i just have not bothered with an accountant because everything is straight forward, probably should get involved now. Cheers
     
    Bean27, 13th Jun, 2019
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  8. chindonly

    chindonly Well-Known Member

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    I technically work for 2 charities - one a PBI, the other an ITEC. I get different levels of packaging with each due to their status. No tax issues.
     
    chindonly, 13th Jun, 2019
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  9. wombat777

    wombat777 Well-Known Member

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    I knew a green grocer.

    Was headhunted over to woolies with the offer of a generous celery package.
     
    wombat777, 13th Jun, 2019
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  10. TwoDogs

    TwoDogs Well-Known Member

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    I also work for a charity. Don't think I could afford to work for two...
     
    TwoDogs, 13th Jun, 2019
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  11. chindonly

    chindonly Well-Known Member

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    They are related charities. I really do the same job split across the two entities. Been there 30 years, so I do alright.
     
    chindonly, 13th Jun, 2019
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  12. Hamish Blair

    Hamish Blair Well-Known Member

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    Is this a rebatable employer (NFP)? Or a charity?

    I think there is a cap on how much you can claim via packaging.
     
    Hamish Blair, 7th Jul, 2019
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  13. Toby

    Toby Well-Known Member

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    How do you salary sacrifice a mortgage and meals? Aren’t they considered personal expenses?
     
    Toby, 7th Jul, 2019
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  14. TwoDogs

    TwoDogs Well-Known Member

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    Different rules for non-profit, health care and charities. These are not available to your average employee, the government's gift to those on crap salaries. My employer uses Maxxia (have no choice and they are really useless) as manager. Mortgage/rent is available up to government limits, meals/travel is another limit but recently reduced to only $2500 or so. Cars via novoted lease and some non FBT items are available for anyone.
     
    TwoDogs, 7th Jul, 2019
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  15. Bean27

    Bean27 Well-Known Member

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    My employer also uses Maxxia and the new one uses Access pay, its a great thing to save tax
     
    Bean27, 8th Jul, 2019
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  16. chindonly

    chindonly Well-Known Member

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    One is an ITEC (Income Tax Exempt Charity) and the other is a PBI (Public Benevolent Institute) with DGR status (Deductible Gift Recipient) status.

    The first one is rebateable, the second one is exempt.
     
    chindonly, 8th Jul, 2019
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  17. Scott No Mates

    Scott No Mates Well-Known Member

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    You will need to find out whether there are any caps on how much you can get in FBT exempt benefits & if they are cumulative or capped.
     
    Scott No Mates, 8th Jul, 2019
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  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    As an aside for those reading this thread

    Salary packaging a car may save you some tax dollars, it will NOT improve your servicing - it will usually do the opposite with most lenders

    ta
    rolf
     
    Rolf Latham, 8th Jul, 2019
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